On February 24, Decentraland (MANA) bears attempted to dump the coin below the $2.45 support. However, the intense demand pressure from this level rejected the altcoin from the 200-SMA, resulting in a 21% follow-up rally. The buyers would soon rechallenge the overhead resistance $2.8 mark to kick start with recovery.
Key technical points:
- The MANA price has sandwiched between the 50-and-200-SMA
- The 24-hour trading volume in the Decentraland token is $1.37 Billion, indicating a 3.37% loss.
Source-Tradingview
On February 16th, Decentraland (MANA) price failed its second to breach the high swing resistance of $3.42. The following reversal slumped the coin by 29.5%, dropping to the $2.45 support. Moreover, the technical chart displayed a double top pattern and a breached breakout from the $0.28 neckline, accelerating the ongoing selling.
With a successful retest to the breached support, the sellers headed to their next target of $2.45. However, the long-tail rejection on Feb 24th indicates the bulls mount strong support at this level.
The Relative Strength Index(46) slope approaches the neutral line from below. A bullish crossover above the 14-SMA line and midline would provide additional confirmation for long traders.
The MANA price is resonating between the 50 and 200-day SMA. A breakout from either of these levels would offer an extra edge for the following trend.
MANA Price Breached The Descending Trendline
Source- Tradingview
Today, the MANA price is green and shows a 9.87% from the base support. The coin chart shows the buyers also provides a bullish breakout from the descending resistance trendline. A retest of this trendline should confirm the sufficient demand and bolster the buyers to break out the $2.8.
If they succeed, the buyers have their next stop at 23% high to $3.45. Alternatively, a possible reversal from $2.8 resistance would sink the price back to the $2.45 mark.
- Resistance level: $2.8, $3.45
- Support level: $2.45, $2.2
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/markets/decentraland-price-mana-hints-23-percent-growth-potential-2-8-mark/